USD 7.45 billion
Neurodiagnostics Market Size, Share, Growth Analysis, By Condition(Neuro Degenerative Diseases, Epilepsy, Stroke, Headache Disorders), By End User(Hospitals & Surgery Centers, Diagnostic Laboratories & Imaging Centers, Neurology Centers, and Others), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35D2139 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
67
|Figures:
75
Neurodiagnostics Market Insights
Neurodiagnostics Market size was valued at USD 7.97 Billion in 2023 and is poised to grow from USD 8.53 Billion in 2024 to USD 14.66 Billion by 2032, growing at a CAGR of 7% during the forecast period (2025-2032).
Growth in the incidence of neurological disorders, the geriatric population, and technological advancement in neurodiagnostic represent the major reasons driving the neurodiagnostic market growth. Advances are thus being made in early and correct detection of illness. And besides increasing precision and efficiency in disease identification for neurodegenerative illnesses, proteomics and genomes are increasingly finding their place in diagnostic techniques for these diseases. That is why the number of hospitals and diagnostic centers globally is increasing, which in turn promotes market growth as it accesses to advanced technology of diagnostics increases. These factors, along with the growth in demand for biological profiling procedures for neurological disorder diagnosis, are the reasons for the increasing market. However, during the forecast period, the growth of the market can be hampered due to stringent government regulations and low demand for neurodiagnostic services in developing countries. On the other hand, the growing application of neurodiagnostic in clinical studies is creating new potential markets. However, emerging economies also possess vast potential due to the increasing demand for neurodiagnostic technologies as healthcare expenses increase coupled with a better infrastructure. Therefore, the neurodiagnostic industry is poised to surge and the future will largely depend on technological advancements and growing healthcare demands in developed and emerging economies.
US Neurodiagnostics Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Neuro Degenerative Diseases
Fastest Growth
Neuro Degenerative Diseases
Growth Rate
7% CAGR
Global Neurodiagnostics Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Neurodiagnostics Market Segmental Analysis
The global neurodiagnostics market is segmented on the basis of condition, end user, and region. In terms of condition, the market is segmented into neuro degenerative diseases, epilepsy, stroke, headache disorders, sleep disorders, and others. With respect to categorization by end user, the market is segmented into hospitals & surgery centers, diagnostic laboratories & imaging centers, neurology centers, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Technology
Based on the 2023 neurodiagnostic market analysis, the neuroimaging technologies segment dominated the market with a revenue share of over 57.9%. Development in neuroimaging technology and introduction of new innovative products by prominent industry players are expected to drive market growth. For instance, in February 2024, Philips and Synthetic MR collaborated to launch artificial intelligence-based quantitative brain imaging in MR. This technology Smart Quant Neuro 3D provides support to the decision-making processes of the disorders of the brain, monitors the efficiency of the treatment, and facilitates the auto-measurement of various brain cells. The technology is expected to enhance the care for patients with neurology.
However, as per the neurodiagnostic market forecast, the in vitro diagnostics category is anticipated to grow at the fastest CAGR of 4.2%. The IVD tests provide important information about the disease diagnosis, patient health monitoring, and therapy advice. Segmental growth is also expected to be driven by technological advancements, particularly mobility, precision, and cost-effectiveness. For instance, in March 2024, Fujirebio and Beckman Coulter announced that their cooperation agreement shall be expanded to support the development of blood-based diagnostics for neurodegenerative diseases that are patient-friendly. Thus, these collaborations are expected to accelerate market expansion and in vitro neurology diagnostics.
Analysis By End Use
In 2023, the market share of the hospitals and clinics sector was 42.3% in revenue. It is because most patients prefer to be treated in these facilities and are hence the common treatment destination. In addition, most patients suffering from neurological diseases require regular check-ups and follow-up sessions, hence increasing the demand for neurological diagnostic equipment in such facilities. It is also expected that hospital service advancements to enhance treatment and diagnostics will propel market expansion. To improve the comfort and treatment of children undergoing electroencephalogram (EEG) and electromyography (EMG) testing, sleep studies, and nerve conduction tests, Phoenix Children's Hospital, for instance, launched its expanded neurodiagnostic laboratory in April 2023.
During the projection period, growth in the imaging centers segment is expected to register the fastest rate, at 3.9%. This is due to various factors such as development in technology, neurological illnesses, the setting, and funding of neurodiagnostic institutes. The use of AI algorithms transformed the interpretation of scans into neuroimaging analysis thus bringing together swifter and more accurate findings. This advancement eventually results in improved diagnostic accuracy since physicians can make educated judgments. For instance, health tech firm Qure.ai co-founded an AI Innovation Lab for Medical Imaging with Erasmus MC and University Medical Center Rotterdam in September 2022. It is expected that the innovation center would explore potential ways that AI could detect anomalies related to neuromusculoskeletal and chest disorders.
Global Neurodiagnostics Market By Condition
To get detailed analysis on other segments, Request For Free Sample Report
Neurodiagnostics Market Regional Insights
Revenue share of the market in 2023 was occupied by North America with a dominating share of 35.8%. Many factors, such as a mature healthcare infrastructure, research and development initiatives, and health expenditures, contribute to this regional dominance. For instance, the 159-bed Indiana NeuroDiagnostic Institute and Advanced Treatment Center, NDI, which costs USD 120 million, opened in March 2019. Traumatic brain injury, neurodegenerative disorders such as Alzheimer's disease, acute and chronic mental illness, among others, are treated by the institution. Neurological conditions also happen to be relatively prevalent in the region; therefore, the more pressing need for neurodiagnostic arises.
The European market in neurodiagnostic was found to be a lucrative space within this field. The market is growing due to the increasing prevalence of neurological conditions and the growing emphasis on timely detection and treatment. About 165 million Europeans suffer from a brain condition, and one in three people is estimated to experience a neurological or mental illness at any point during life, the European Commission announced in statistics it released recently. The growing incidence of neurological diseases is leading to the development and introduction of new and innovative brain imaging solutions, which in turn is expected to drive market growth. For instance, Hyperfine, Inc. recently received the CE mark for its portable MR imaging device, the Swoop, intended for brain imaging in February 2023.
Global Neurodiagnostics Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Neurodiagnostics Market Dynamics
Neurodiagnostics Market Drivers
Increased Incidence of Neurological Disorders
- The main reason for market growth in neurodiagnostic is the mounting incidence of neurological conditions such as epilepsy, Parkinson's, and Alzheimer's. Neurodiagnostic technologies are increasingly being adopted in healthcare facilities as the demand for sophisticated diagnostic instrumentation to identify and track these disorders increases with the increased number of afflicted individuals.
Advancement of Neurodiagnostic Technology
- Ongoing advancements in neurodiagnostic technologies, such as genetic testing, AI-driven diagnostics, and functional imaging approaches, are improving the accuracy and efficiency of neurological disease detection. These developments are making neurodiagnostic more accurate and dependable, thereby propelling market expansion by enabling early identification and individualized treatment alternatives.
Neurodiagnostics Market Restraints
Stringent Government Regulations
- One of the biggest challenges is the strict regulations related to the clearance and marketing of neurodiagnostic devices. Long processes and complex rules can obstruct innovation and delay the introduction of new technologies to the market, which will impede the overall growth of the neurodiagnostic market, particularly in countries with severe healthcare legislation.
Low Demand in Underdeveloped Countries
- Neurodiagnostic services remain low in demand due to issues, such as poor health infrastructure, ignorance, and high cost of advanced diagnosis apparatus, in many developing countries. This remains a major limitation towards intensive global market growth since the market expands only to a much lesser extent in these regions.
Request Free Customization of this report to help us to meet your business objectives.
Neurodiagnostics Market Competitive Landscape
Some of the key players in the neurodiagnostic market include Siemens Healthineers, GE Healthcare, Philips Healthcare, and Abbott Laboratories, and new entrants, who are predicted to be future leaders in the industry and are utilizing advanced technologies. These companies focus on strengthening their presence in the above market primarily by forming strategic alliances, mergers and acquisitions and by new product development. This is being pushed forward within healthcare organizations as artificial intelligence, imaging and genetic testing technologies evolve where organizations are looking for more precise, cheaper and quicker ways of diagnosing patients.
Neurodiagnostics Market Top Player’s Company Profiles
- Siemens Healthineers (Germany)
- GE Healthcare (US)
- Philips Healthcare (Netherlands)
- Medtronic (Ireland)
- Hitachi Medical Corporation (Japan)
- Natus Medical Incorporated (US)
- Abbott Laboratories (US)
- Koninklijke Philips N.V. (Netherlands)
- Thermo Fisher Scientific Inc. (US)
- Elekta AB (Sweden)
- Brainlab AG (Germany)
- Masimo Corporation (US)
- Cadwell Industries Inc. (US)
- Advanced Brain Monitoring, Inc. (US)
- Compumedics Limited (Australia)
- Neurosoft Ltd. (Russia)
- Magstim (UK)
- NeuroWave Systems Inc. (US)
- BrainScope Company Inc. (US)
- Blackrock Microsystems LLC (US)
Neurodiagnostics Market Recent Developments
- Philips and SyntheticMR developed an AI-powered quantitative brain imaging technology in March 2024. This collaboration is expected to help identify as well as assess a few cases of brain disorders such as dementia, traumatic brain injuries, and multiple sclerosis.
- Neurophet presented an AI-based brain imaging analysis tool during AD/PD 2024 in March 2024. The method is expected to help in deciphering white matter hyperintensities, and brain atrophy visible in Alzheimer's disease patients' brain MRIs.
- Philips unveiled the Azurion neuro biplane system at #ECR2024 in February 2024. It was supposed to aid and speed up further the diagnosis and therapy of minimally invasive neurovascular patients.
Neurodiagnostics Key Market Trends
- Genomics and Personalized Medicine: The proteomics and genomics revolution, which is aiding the healing of neurological disorders, is the current market trend in personalization medicine. By examining an individual’s genetic code, the physician can provide more targeted and efficacious treatments enhancing that individual’s care. Therefore, this trend in the neurodiagnostic sector is leaning towards the utilization of sophisticated diagnostic techniques.
- Increasing Application of Neurodiagnostic Clinical Research Methodologies: One of the prominent neurodiagnostic market trends is the growing adoption of neurodiagnostic methods in clinical studies, especially in the case of neurodegenerative disorders. High-tech diagnostic technologies are thus used to trace disease progression, assess the efficacy of the treatment, and discover biomarkers. Neurodiagnostic services are required increasingly in the biotechnology and pharmaceutical industries because of this.
Neurodiagnostics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the neurodiagnostic market is expanding rapidly because of the increase in neurological disorders, technological advancement, and the need for early accurate diagnosis. Key drivers of this growth include an aging population, innovations in genetics, and customized treatment. Growth will be hindered by strong government regulations and low demand in developing countries. Despite these shortcomings, there are exciting opportunities in the market, particularly with the expansion of neurodiagnostic applications in clinical studies and emerging nations. The neurodiagnostic market is poised for significant growth because of persistent innovation and soaring healthcare spending globally, thereby offering profitable opportunities to incumbent and emerging firms.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.45 billion |
| Market size value in 2031 | USD 13.70 billion |
| Growth Rate | 7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Neurodiagnostics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Neurodiagnostics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Neurodiagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Neurodiagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Neurodiagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Neurodiagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
